Gold Appears To Be Consolidating Within A Medium-Term Uptrend
Sunshine Profits | May 05, 2020 09:07AM ET
The Gold Futures contract gained 0.73% on Monday, as it retraced some more of its recent decline. On Friday the price bounced off $1,675 level. Gold continues to trade within a relatively flat correction following April’s advance. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal.
Gold is basically going sideways since early to mid-April. It is trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
Gold is trading 0.1% lower today. What about the other precious metals? Silver lost 0.95% on Monday and today it is trading 0.8% higher. Platinum gained 0.59% yesterday and today it is 0.12% higher. Palladium lost 2.78% on Monday and today it is down 4.4%. Precious metals continue to trade within a short-term consolidation.
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